Va streamline refinance

[Ryan Keenan]

I'm in the process of using VA streamline refinance. Everything sounds good but I am concerned about the escrow. The lady on the phone said that the old escrow will not transfer to the new escrow account, instead they cut you a check to do what you want with so she says. My question is if I take the money and use it for something else will I be short money later in the escrow account when the time comes?how does it work?

Thanks 

Ryan

[Glenn D.]

Ryan,

1st if you have VA financing you are a Vet to which I say, thank you for your service to our country. 2nd the best thing to do is hold on to that money. Often in refi's there are funds that get displaced due to the timing of the refi which means you have a little extra cash back in your pocket BUUUTTTT. I always hold on to items like that until the dust settles. 3rd communicate with your new lender before and after the deal is done and ask every question you find relative.

Good luck and thanks again for your service.

Glenn